How To Apply For Loan In FCMB

How To Apply For Loan In FCMB: Requirements, ProceduresAre you in need of finances to cater to your immediate needs but not sure of what to do? if yes, then we have the right answers to your concerns. After reading through these articles, you will be knowledgeable on what to do and how to do it in order to get it fixed. 

First City Monuments Bank (FCMB) offers fascinating loan products to suit individual and business needs. Whether you need a personal loan, business loan, or mortgage, they have flexible options with transparent requirements to help you apply for and get the loan easily.

How To Apply For Loan In FCMB

Requesting a loan from FCMB, a renowned financial institution in Nigeria, might appear overwhelming, particularly if you are not knowledgeable of the requirements and procedures. But, with the correct information and preparation, the loan application process may be very simple. This comprehensive guide provides all the key details you need to successfully apply for a loan with FCMB.

Choose The Right Loan Option

FCMB offers various loan products for both individuals and businesses. Determining the right loan product that aligns with your needs is crucial before proceeding with the application. Here are some of FCMB’s major loan offerings:

  • Personal loans – Unsecured loans given to salaried individuals for personal expenses like weddings, travel, medical bills etc.
  • Auto loans – Financing for new and used cars with flexible repayment plans.
  • Mortgage loans – Loans for purchasing or building your own home.
  • SME loans – Business loans for small and medium-sized enterprises with minimal collateral.
  • Agricultural loans – Loans for farmers and others in the agriculture value chain.
  • Credit cards – Revolving lines of credit with attractive benefits.

Take time to review the features, interest rates, fees, tenors and eligibility criteria for the different loan products. This will guide you in choosing the right loan type that suits your specific financial needs and repayment capability.

Documents Required

To get a loan from FCMB, submit the required documents with the application. Prepare in advance for faster processing. Here are the key documents required:

Individual Loans

  • Copy of valid ID card (national ID, passport, driver’s license)
  • Proof of residence (utility bills, tenancy agreement etc)
  • Current pay slips for the last 3 months
  • Bank statements for the last 6 months
  • Tax clearance certificate (for loans above N500,000)
  • Completed loan application form

Business Loans

  • Certificate of incorporation/registration
  • Memorandum and articles of association
  • Tax clearance certificates
  • Audited financial statements for the last 2 years
  • Business plan/feasibility study
  • Completed SME loan application form

Ensure all copies submitted are clear and legible. Keep the original documents on hand as you may need to present them.

Eligibility Criteria

For you to qualify for a loan with FCMB, there are certain eligibility conditions you must meet. These include:

  • Minimum age of 18 years for personal loans and 21 years for business loans
  • Having a satisfactory credit score/history with no current defaults
  • Meeting the minimum income level set for the loan product
  • Providing acceptable collateral/security where required
  • Having all required supporting documents
  • Having a good track record of repaying loans

Meeting the eligibility criteria ensures your loan application has a higher chance of approval. Where you do not satisfy any of the requirements, your application may be declined.

Loan Application Form

The loan application forms can be obtained from any FCMB branch nationwide or downloaded from their website via The forms require you to provide the following information:

  • Personal/business details (name, contact address, occupation etc.)
  • Loan type and the amount being applied for
  • Purpose and proposed utilization of the loan
  • Preferred tenor and repayment schedule
  • Details of offered collateral/security
  • Income and expenditure summary
  • Assets and liabilities statement
  • Cashflow projections (for business loans)
  • Any other supplementary details

Ensure to fill the forms completely and accurately. Any gaps or inaccurate information may delay processing or lead to a rejection. Also attach copies of required documents.

Submit The Loan Application

After completing the forms and compiling all required documents, you need to formally submit the loan application using any of these channels:

  • At your home branch – Visit the FCMB branch where you operate your account to submit the application. This allows immediate capturing of your information in the system.
  • Other branches – You can submit the application at any convenient FCMB branch across Nigeria.
  • Online portal – Log on to the FCMB internet banking portal and select the option to apply for a loan. Upload scanned copies of your forms and documents.
  • Email – For business loans, forms can be emailed to the dedicated SME Loans email address provided on the portal.

Whichever channel you choose, ensure you get an acknowledgement of your application from the bank. This will contain your loan application reference number.

Credit Checks And Approval Processing

Once received, FCMB will commence processing of your loan application. This includes:

  • Initial review – Preliminary checks to ensure all required documents were submitted.
  • Credit checks – The bank will carry out credit checks to ascertain your creditworthiness. This involves reviewing your credit history with other lenders, income stability, debt obligations etc.
  • Collateral valuation – Where you pledge an asset as collateral, it will be professionally valued to determine the loan amount it can cover.
  • Credit scoring – Based on your financial profile, you will be assigned a credit score that determines your suitability.
  • Credit analysis – Detailed assessment of your repayment ability based on cashflows, business performance, account behavior etc.
  • Approval signing – The loan gets final approval from the designated credit committee or loan officer.
  • Offer letter – You will receive an offer letter stipulating the approved loan amount, interest rate, fees, and other terms and conditions.

The entire approval processing may take between 5 days to 2 weeks depending on loan type and complexity of your application.

Loan Offer and Disbursement

If successful with your application, you will get a loan offer letter from FCMB indicating approval. To proceed with disbursement, you will need to:

  • Carefully review the offer letter and ensure you understand all aspects such as fees, interest rates, repayment schedule as well as in depth knowledge of the banks terms and conditions. 
  • Sign and return the duplicate copy of the offer letter to signify acceptance of the loan terms.
  • Complete all perfecting documents such as the loan agreement, collateral security forms etc.
  • Make payment for any applicable upfront fees.
  • Provide a functional bank account into which the loan can be disbursed electronically.
  • Meet any other specific condition outlined in the offer letter.

After executing all required documents, FCMB will initiate the loan disbursement process. This is concluded within 48 hours in most cases. You will get an alert when the loan amount hits your nominated bank account.

Monitor Repayments and Obligations

As soon as your loan is disbursed, the repayment schedule kicks off per the terms of your agreement. Key tips to help you keep track include:

  • Mark the repayment dates on your calendar to act as a reminder as they become due.
  • Set up automatic deductions on your salary account to ensure you repay seamlessly.
  • Avoid delayed repayments to prevent extra charges and penalties.
  • Notify FCMB in advance if you anticipate any challenges with meeting your repayment obligations.
  • Insure any collateral provided and renew promptly to prevent lapses.
  • Provide regular updates on your financial status when requested.
  • Adhere to all other covenants outlined in your loan agreement.

Staying on top of your repayments will ensure you maintain a good credit standing and qualify for more credit facilities when needed.


In summary, FCMB bank loan process is not cumbersome, especially when you are adequately prepared. By understanding the requirements, gathering the right documents, and diligently completing the application process, your loan application is guaranteed to sail through smoothly. 

By Admin

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